Under Perfect Competition, the Market Mechanism, Without Any Government Regulation

question 16

Multiple Choice

Under perfect competition, the market mechanism, without any government regulation, is capable of

• A)allocating resources efficiently.
• B)solving equity problems.
• C)making the average cost of labor equal to the average cost of all commodities.
• D)making more income available to the poor.

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Definitions:

Outputs

The results produced by a computer or controller, typically after processing input data, which are then transmitted to other devices or users.

Sequencer

A mechanical, electric, or electronic device that can be programmed so that a predetermined set of events occurs repeatedly.

Sequencer Instructions

In PLC programming, a set of instructions designed to execute a series of operations or events in a specific order.

Last Sequence Step

The final action or command in a series of operations or instructions in a sequential process.